The Empire State Manufacturing Survey’s Index for December 2016 increased to 9.0 indicating modest growth. However, the real story of December’s report is the six-month outlook which jumped over 20 points to 50.2, its highest reading in almost five years (January 2012). Over 60% of manufacturers believe that conditions will improve. Every constituent index in the six-month outlook increased, including New Orders, Employment, Shipments and Capital Expenditures. Apparently manufacturers’ expectations are high for tax reform, regulatory relief and other possible benefits that may result from the new administration. See the full report here.